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Semiconductor Manufacturing | Semiconductor Tax Credit Proposal

TweetShareSharePin0 Shares A bipartisan group of Senators introduced the Facilitating American-Built Semiconductors (FABS) Act this week to create a permanent 25 percent investment tax credit for investments in semiconductor manufacturing equipment and construction of related facilities—but their proposal would not address underlying bias against investment that exists in the tax code today. Rather than provide

IRS posts ARPA credit FAQs

TweetShareSharePin0 Shares The IRS posted two sets of FAQs to its website on Friday, explaining changes to various credits made by the American Rescue Plan Act (ARPA), P.L. 117-2. New Child and Dependent Care Tax Credit FAQs discuss changes made by ARPA that increased the maximum amount of work-related expenses for qualifying care that may

Biden Child Tax Credit Changes and More Head Sniffin’

TweetShareSharePin0 Shares President Biden’s newly released budget and the Treasury Department’s “Green Book” of revenue proposals outlines a vision of more spending administered through the tax code. The proposals have revived the debate over the proper role of spending in the tax code, and relies on the Internal Revenue Service (IRS) to further expand beyond

Credit card anyone?

TweetShareSharePin0 SharesCredit card anyone? The emergence of electronic age made almost everything possible to people. Determining and curing terminal diseases made convenient, reaching uncharted territories became a possibility, and most of all; everyday life of people is made easy by the technology. We now have more convenient stores, easier means of transportation and a variety

Credit Card Introductory Offers: Low APR

TweetShare1SharePin1 SharesCredit Card Introductory Offers: Low APR Extensive use of credit cards has brought about different features, offers, and charges from many credit card companies. This makes it more difficult to choose which particular credit card to purchase. Oftentimes, people grab the chance of introductory offers having very low interest rates only to find out

COBRA premium assistance credit under ARPA clarified

TweetShareSharePin0 Shares In 86 questions and answers, the IRS in Notice 2021-31 gave employers, health care plans, and insurers background and clarifications on how to provide premium assistance for COBRA health care continuation benefits to affected employees and other beneficiaries and claim a corresponding tax credit. The temporary premium assistance and credit are available under

Advanced Child Tax Credit

TweetShareSharePin0 Shares Congress has passed legislation creating a much expanded child tax credit (CTC) and requiring the IRS to make advance payments of the CTC during the 2021 tax year starting in July.  The expanded credit provides a $3,600 credit for every child under 6 and a $3,000 credit for every child under 17.  The

How nonfilers can claim advance child tax credit payments

TweetShareSharePin0 Shares In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process
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